According to the recent report by Global Market Insights Inc., the market size is projected to exceed USD 7 billion by 2024. Rapidly increasing population and urbanization has accelerated the construction activities in residential as well as non-residential sectors, leading to an increased demand for efficient construction material. One of the extensively used materials is structural adhesive, which is largely used for fiber composite materials, ceramics, glass, stone, wood, and cellulose materials. Its increasing application is creating lucrative opportunities for structural adhesives market.
The increasing expenditure on infrastructure development and construction activities, especially in the emerging economies, is positively influencing the market expansion. Supportive government initiatives and heavy investments are further enhancing the business space. The rising structural adhesive applications are encouraging various industry players to develop more efficient and versatile products to effectively meet the consumer demands. Citing an instance, in 2021, Arkema’s adhesive solutions division- Bostik launched a development program to enhance its polyurethane sealants, focusing particularly on sealing & bonding applications for the construction market.
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Besides construction, the adhesive solutions are also used across industries such as automobiles, marine, aviation & aerospace, and furniture among others. Of these, aviation & aerospace sector is gaining a wide prominence in the industry and is expected to exhibit a lucrative CAGR of over 4% through 2024. This can be attributed to the extensive product application in this sector owing to its fast setting characteristics, superior durability, toughness, high transition temperature, good compressive strength, excellent peel strength, and cyclic fatigue resistance.
The product is available in different types such as epoxy, polyurethane, acrylic, and cyanoacrylate among others. Epoxy, however, holds a significant share of more than 25% in structural adhesives market. This is majorly due to its ability to provide good strength, adhere to various materials, resistance to creeping under load, resistance to chemical corrosion and temperature.
Speaking of the application, the product is predominantly used for manufacturing plastic with increasing dependency on materials that can bond plastics. Many products now consist of plastic in some form. Specialty adhesives, in this regard, are extremely useful as they help in upgrading the mechanical and aesthetic characteristics by replacing welds, rivets, screws, and nails with plastics. On account of the high product usability, the plastic application segment is anticipated to capture a sizeable share of over 20% by 2024.
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Regionally, North America is touted to hold a substantial share in structural adhesives industry. This can be majorly ascribed to the rising construction activities coupled with the presence of a highly mature aviation industry in the U.S. In addition, highly developed automotive industry, consolidated by various prominent automotive companies such as Bombardier, General Motors, and Ford in the U.S. and Canada is further enhancing the industry landscape.
In a nutshell, structural adhesives market is growing significantly with the ongoing construction and infrastructural developments, coupled with the introduction of innovative solutions by various eminent companies in the industry.
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